Fed's Powell warns tariffs may push up US inflation

The recent tariffs introduced by US President Donald Trump have increased the risk of higher unemployment and will likely cause inflation to rise and growth to slow, said Federal Reserve (Fed) chair Jerome Powell on Friday.

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"It is now becoming clear that the tariff increases will be significantly larger than expected," Powell told an event in Virginia in prepared remarks. "The same is likely to be true of the economic effects, which will include higher inflation and slower growth," he said, adding that it was "too soon" to consider making changes to US monetary policy.